Investment decisions and the role of debt, liquid assets and cash flow: evidence from Italian panel data

1994 ◽  
Vol 4 (2) ◽  
pp. 121-132 ◽  
Author(s):  
Marzio Galeotti ◽  
Fabio Schiantarelli ◽  
Fidel Jaramillo
Keyword(s):  
Panel Data ◽  
Cash Flow ◽  
Investment Decisions

scholarly journals Fontes de Caixa e Restrições Financeiras: Evidências das Firmas Listadas na BM&FBOVESPA

2015 ◽  
Vol 13 (3) ◽  
pp. 470
Author(s):  
Leonardo Chalhoub ◽  
Guilherme Kirch ◽  
Paulo Renato Soares Terra
Keyword(s):  
Panel Data ◽  
Least Squares ◽  
Cash Flow ◽  
Least Squares Method ◽  
Market Information ◽  
Publicly Traded ◽  
Listed Firms ◽  
The Past ◽  
Operating Cash Flow

The Finance literature offers evidence that, in Brazil as in the U.S.A., publicly traded firms save more and more cash over the past decades. Using a panel data formed by accounting and market information from listed firms in BM&FBOVESPA from 1995 to 2013 and the model proposed by McLean (2011), estimated by the least squares method, this study aims to gather evidence on the sources of cash retained by companies in the Brazilian market. The results suggest that shares issuance, debt and operating cash flow have positive and significant correlation with the change in cash savings and that operating cash flow is the main source of cash for Brazilian firms. About the role of precautionary motives for the retention decision, evidence was found that in times of growth in these motives, the constrained group retains more from operating cash flow.

Investment–cash flow sensitivities of restaurant firms

2018 ◽  
Vol 24 (5) ◽  
pp. 560-575 ◽  
Author(s):  
Serin Choi ◽  
Seoki Lee ◽  
Kyuwan Choi ◽  
Kyung-A Sun
Keyword(s):  
Cash Flow ◽  
Risk Sharing ◽  
Investment Decisions ◽  
Cash Flows ◽  
Resource Scarcity ◽  
Restaurant Industry ◽  
Financing Decisions ◽  
Close Relationship ◽  
Cash Flow Sensitivity

Although some theories argued that investment decisions are irrelevant to financing decisions under the assumption of perfect market, investment decisions and capital structure seem interdependent in real-world circumstances. Further, the past literature also suggested a close relationship between internal cash flows and investment decisions, that is, investment–cash flow sensitivity (ICFS), but this issue has not been closely examined in the restaurant setting. Therefore, the current study first proposes to examine ICFS in the context of the restaurant industry. More importantly, this study also examines a moderating role of franchising to better explain ICFS, considering a major role of franchising in the restaurant industry, based on theories of pecking order, resource scarcity, and risk sharing. Findings of the current study deepens the understanding of ICFS via franchising, making meaningful contributions to not only to existing ICFS literature but also restaurant franchising literature.

scholarly journals Financial Leverage And Firms’ Investment Decisions: Evidence from Banking Sector of Pakistan

2020 ◽  
Vol 18 (2) ◽  
pp. 163-174
Author(s):  
Vijay Kumar ◽  
◽  
Abdur Rahman Aleemi
Keyword(s):  
Panel Data ◽  
Interest Rates ◽  
Random Effects ◽  
Cash Flow ◽  
Fixed Effects ◽  
Banking Sector ◽  
Investment Decision ◽  
Investment Decisions ◽  
Future Research ◽  
Financial Leverage

This paper aims to find out the effects of financial leverage on firms’ investment decisions in the Banking Sector of Pakistan. Utilizing panel data techniques along with common effects, fixed effects, and random effects for listed banks from 2006 to 2013, the results indicate that leverage is having no significant effect on the investment decision of banks in Pakistan and hence we support Modigliani and Miller (1958) proposition of Irrelevance theory. To current study is going to provide useful insights to banks and investors that investment decision is irrelevant to the way company is financed, rather banks must focus on other factors such as interest rates, available cash flow, profitability which are found to be relevant to the investment decision. It will also serve as basic literature for future research.

Peran kepemilikan institusional, perencanaan pajak dan dewan komisaris asing terhadap nilai perusahaan

2019 ◽  
Vol 8 (2) ◽  
Author(s):  
Anita Ade Rahma ◽  
Lisa Nabawi ◽  
Ronni Andri Wijaya
Keyword(s):  
Significant Influence ◽  
Firm Value ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Total Sample ◽  
Tax Planning ◽  
Purposive Sampling ◽  
Institutional Leadership ◽  
Company Value

The purpose of this study is to analyze the role of institutional leadership, tax planning and foreign board of commissioners on firm value. The population in this study were 615 companies listed on the Indonesia Stock Exchange in 2015-2017. The sample was chosen using purposive sampling to get a total sample of 325 companies with a total of 975 observations of company data. The results of this study indicate that institutional leadership and tax planning have no role in increasing company value. While the foreign board of commissioners showed a significant influence on the value of the company. This proves that there is a need for diversity in the structure of the board that can trigger an increase in the value of the company. In addition, the presence of a foreign board is needed for the progress of the companyKeywords: Investment decisions; funding decisions; dividend policy; company value

scholarly journals Up to No Good? Gender, Social Impact Work, and Employee Promotions

2021 ◽  
pp. 000183922110206
Author(s):  
Christiane Bode ◽  
Michelle Rogan ◽  
Jasjit Singh
Keyword(s):  
Panel Data ◽  
Social Impact ◽  
Male Gender ◽  
Decision Makers ◽  
Gender Beliefs ◽  
Negative Effect ◽  
Male Gender Role ◽  
Promotion Rates ◽  
Vignette Experiment

Firms increasingly offer employees the opportunity to participate in firm-sponsored social impact initiatives expected to benefit the firm and employees. We argue that participation in such initiatives hinders employees’ advancement in their firms by reducing others’ perceptions of their fit and commitment. Because social impact work is more congruent with female than male gender role stereotypes, promotion rates will be lower for participating men, and male evaluators will be less likely than female evaluators to recommend promotion for male participants. Using panel data on 1,379 employees of a consulting firm, we find significantly lower promotion rates for male participants relative to female participants, female non-participants, and male non-participants. A vignette experiment involving 893 managers shows that lower promotion rates are due to lower perceptions of fit, but not commitment, and greater bias against male participants by male evaluators. Taken together, the results of the two studies suggest that the negative effect of participation on promotion is conditional upon participant and evaluator gender, underscoring the role of gender in evaluation of social impact work. In settings in which decision makers are predominately male, gender beliefs may limit male employees’ latitude to contribute to the firm’s social impact agenda.

The Effect of Rural Poverty on Access to Land in Ethiopia

2021 ◽  
pp. 097300522097106
Author(s):  
Kassie Dessie Nigussie ◽  
Assefa Admassie ◽  
M. K. Jayamohan
Keyword(s):  
Panel Data ◽  
Rural Poverty ◽  
Land Ownership ◽  
Ordered Probit ◽  
Rural Poor ◽  
Rental Market ◽  
Tobit Models ◽  
Significance Levels ◽  
Poverty Status

Land ownership and its persistent gap between rich and poor is one of the pressing development challenges in Africa. Access to land has fundamental implications for a poor and agrarian African economy like Ethiopia, where most people depend on agriculture for their livelihood. Empirical literatures suggest that access to land is a cause and effect of poverty—at the same time, the role of poverty status of the household in gaining or limiting access to land has received only a passing attention from researchers. This study investigates the effect of ‘being poor’ on access to land using ordered probit and censored tobit models. Three wave panel data of Ethiopian Rural Socioeconomic Survey (ERSS) collected between 2011–12 and 2015–16 are used for the analysis. The study result confirms that poverty does have significant effect on household’s participation and intensity of participation on both sides of the rental market. It is found that being poor, as compared to non-poor counterpart, leads to an increase in the likelihood of rent-in land by 0.068 hectare and reduce the likelihood of rent-out land by 0.046 hectare at 1% and 5% significance levels, respectively. The tenants are not characterised as economically disadvantaged reflecting the existence of reverse tenancy among rural poor in Ethiopia.

scholarly journals Panel data unit roots tests: The role of serial correlation and the time dimension

2007 ◽  
Vol 137 (1) ◽  
pp. 230-244 ◽  
Author(s):  
Stefan De Wachter ◽  
Richard D.F. Harris ◽  
Elias Tzavalis
Keyword(s):  
Panel Data ◽  
Serial Correlation ◽  
Unit Roots ◽  
Time Dimension
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